Solicitors
13 Bull Ring
WAKEFIELD
WF1 1HB
MAG.mej.
14 January 2015
/continued
As you will appreciate, it is essential that we keep down any costs relating to any
litigation and therefore I would like to think that we could reach agreement and
some very early stage and see that agreement incorporated in a formal Court
Order.
I am not quite in a position yet to give you full details of the Estate although you
will see, from the Grant, that the net Estate amounted to just under 500,000.
That figure includes two bank accounts, two condos in the Philippines (one condo
occupied by each of the two families) and the Deceaseds freehold property in
Wakefield.
The probate valuation of the English property was 450,000. However, because
when the property was eventually placed on the open market for sale, there were
two keen parties effectively bidding against each other with a consequence that
it has sold for a gross sale price of 525,000.
In addition to that, I have been made aware of the existence of an account of the
Deceased, in a bank in the Philippines, which has about 1,000,000 pesos
standing to its credit.
Both factors will mean therefore that I will need to deliver a revised account to
the Inland Revenue which will mean that they will be expecting more Inheritance
Tax.
In addition to that, there is the legal position of the Estate in the Philippines to
sort out. I have retained the services of another lawyer in Manila and as soon as I
am in funds I will invite her to sort things out at her end. I have already been
made aware, by the bank in the Philippines, as to exactly what their requirements
would be before they would agree to the closure of the Deceaseds account and it
would seem that an application to the court will be required. I would imagine
that the process may well be somewhat akin to obtaining a Grant of Probate in
this country but exactly what costs might be involved, I have no idea at the
moment.
I am sorry for being somewhat vague with regard to the value of the Estate but it
will not be for a few more weeks before I can give you exact chapter and verse
but I will certainly do so as soon as I conceivably can.
The Grant is dated the 14 October and therefore we have until the 14 April to sort
things out by agreement without your having to issue and application so as to
protect your clients position. We all know, however, how time passes by very
quickly and I will therefore do my best to answer promptly any letters which you
will be sending to me.
So far as your costs are concerned, obviously, those instructing you do not have
the wherewithal to meet them from time to time. At the end of the day, I would
expect that they will be paid by the Estate but, in the meantime, what is to
happen with regard to your costs and whether, or not, it would be wrong of me to
agree to pay them or, indeed, pay them is something which I would have to take
under advisement.
Regards
Michael
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